I agree with you, nifty is showing some strengh now and I think if it holds 4800 today then one can take a long call. My broker IDBI Capital is still messaging for going long on dips around 4790-4820. They are still bullish and taking it as opportuinity.
rgds
Abhi
Market is VERY BEARISH... I see 4650 as positional target for NOV... one could laugh at me 4750 is good support but cannot stop the huge short positions in NOV..